FinnvedenBulten Full Year Report for the period January – December, 2011
PRESS RELEASE |GOTHENBURG, 7 FEBRUARY 2012
Strong growth and the financial targets achieved
- Net sales reached SEK 803 million (730), up 9.9% on the same period last year.
- Earnings (EBIT) were SEK 43 million (42), which gave an operating margin of 5.4% (5.7).
- The operating margin adjusted for non-recurring items was 5.4% (5.8).
- Profit after tax for the quarter was SEK 30 million (174). Previous year’s results include a deferred tax receivable of SEK 149 million.
- Order bookings amounted to SEK 780 million (785), down 0.7% on the same period last year.
- Cash flow from current activities was SEK 97 million (59).
- Earnings per share were SEK 1.40 (15.73). Pro-forma earnings per share were SEK 1.41. Previous year’s results include a deferred tax receivable of SEK 13.43 per share.
- Net sales reached SEK 3,085 million (2,607), up 18.3% on the same period last year.
- Earnings (EBIT) were SEK 202 million (114), which gave an operating margin of 6.5% (4.4).
- The operating margin adjusted for non-recurring items was 7.1% (4.8). Non-recurring items of SEK 18 million in 2011 relate to the listing process on the NASDAQ OMX. Non-recurring costs for the corresponding period in 2010 amounted to SEK 7 million for the rationalization programmes and SEK 4 million for the listing process.
- Profit after tax was SEK 114 million (181). Previous year’s results include a deferred tax receivable of SEK 149 million.
- Cash flow from current activities was SEK 144 million (71).
- Earnings per share were SEK 6.57 (16.36). Pro-forma earnings per share were SEK 6.68. Previous year’s results include a deferred tax receivable of SEK 13.43 per share.
- A shareholders loan was converted into ordinary shares during Q2 reducing debt by SEK 353 million.
- FinnvedenBulten was listed on the NASDAQ OMX Stockholm during Q2, 2011.
- The financial agreement with Svenska Handelsbanken was renewed and extended.
- The Board proposes a dividend of SEK 2.00 per share.
“A strong year with organic growth of 22% adjusted for currency effects. The business
has progressed positively for most of the year, but as several customers adjusted their production plans downward, the pace of our activities was affected in December. New projects have incurred higher costs during the quarter. The economic situation remains uncertain but we see good opportunities for growth through our initiatives on growth markets. When we summarize 2011 we can conclude that FinnvedenBulten has delivered strong growth and after adjustments for IPO costs, we have achieved all of our financial targets.”
Johan Westman, President and CEO
The report will be presented by FinnvedenBulten’s President and CEO Johan Westman at a teleconference on Tuesday, February 7 at 16:00 CET.
The full report is attached to this press release. Copies of the presentation will be available on www.finnvedenbulten.com approximately 30 minutes before the conference starts.
To participate, please call 5 minutes before the opening of the conference call to Sweden +46 (0)8 506 269 00, UK +44 (0)207 750 9905, US +1 631 886 5378. Code: 430251#.
A replay of the telephone conference is available until February 21, 2012 on the phone numbers Sweden +46 (0) 8-506 269 49, UK +44(0) 207 750 99 28, USA +1 866 305 62 92.
For further information, please contact:
Johan Westman, President and CEO
Tel: + 46 (0)31-734 59 00
Kamilla Oresvärd, Vice President Corporate Communications
Tel: +46 (0)70-520 59 17, e-mail: firstname.lastname@example.org
The information in this announcement is required to be disclosed by FinnvedenBulten AB (publ) under the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 13:00 CET on, February 7, 2012.
FinnvedenBulten develops and manages industrial businesses, offering products, technical solutions and systems in metallic materials. The Group operates as a business partner to international customers in the engineering industry, primarily the automotive industry. FinnvedenBulten is structured into two divisions – Bulten and Finnveden Metal Structures – both with strong positions in their respective customer segments. FinnvedenBulten is listed on NASDAQ OMX Stockholm. Further information at www.finnvedenbulten.com.